All Forum Posts by: Clint E.
Clint E. has started 4 posts and replied 117 times.
Post: Kiyosaki on Real Estate Guys Radio predicting massive crash
- Investor
- Saint Charles, MO
- Posts 118
- Votes 91
http://money.cnn.com/2017/02/16/pf/americans-more-...
Household debt is back up to 2008 levels, but delinquency on debt is ~ half. Strong employment numbers. Middle class incomes are starting to rise. More people are joining the upper class. Interest rates are still low. No more crazy ARM loans, Moody's paid $864 million this year for their part in the crisis.
Student debt could be what is really holding back this economy.
I'd say we're still in a bull market.
Post: Current tenants want a pet
- Investor
- Saint Charles, MO
- Posts 118
- Votes 91
Do a non-refundable pet deposit of $200-$500 and do pet rent, start that negotiation at $50/month. The "outside" dog part is worrying as well. What if the dog barks all day and night? I doubt that would go over well with the neighbors.
Post: Looking for a bank to support BRRR strategy
- Investor
- Saint Charles, MO
- Posts 118
- Votes 91
@Astrid Dymond - did you ever find a bank? I have a house in my LLC's name (with a personal gaurantee) via First State Bank of St Charles.
Post: First Kansas City Turnkey Purchase
- Investor
- Saint Charles, MO
- Posts 118
- Votes 91
Did you double check the property taxes? That seems very low, which if right, is good for you.
Post: Growing my portfolio- 13 units ~$170k in annual cash flow
- Investor
- Saint Charles, MO
- Posts 118
- Votes 91
What kind of units do you have? Would you mind sharing how you get to $1000 cash flow/month/unit? Congratulations on the success!
Post: Distress assets and why its so much harder to find deals now
- Investor
- Saint Charles, MO
- Posts 118
- Votes 91
Originally posted by @Michaela G.:
@Andy Robinson , let's say you can deduct $ 12;000 per year in mortgage interest and are in a 30% tax bracket. That deduction means that you pay $ 3600 less taxes pet year, which translates to $300 per month. When that deduction disappears you will have $300 more per month in taxes to pay.
If someone who can afford to pay $12,000/year in mortgage interest alone isn't prepared for a $300/month swing in expenses, they were going down anyway.
Post: The Implications of Dodd/Frank Repeal
- Investor
- Saint Charles, MO
- Posts 118
- Votes 91
Originally posted by @JD Martin:
Originally posted by @Mark F.:
@Chris K. Agreed. The problem with regulations, no matter how well-intentioned, is that it hammers small business particularly hard. Big businesses can usually afford the added compliance costs of new regulations, but small businesses can't. In a way, regulations help bigger businesses freeze newer small competitors from entering the market. I've got my qualms about Trump, but I'm all for chopping regulation because it should really help the economy - particularly small business.
I see comments like this all the time (not picking on this particular post, just using it for illustration). People love to talk in platitudes about how chopping X,Y, or Z regulation is going to be a boon for small business, but I never see any examples. First of all, what does one qualify as a small business? Second, what specific regulation is causing you angst as a small business owner? I own a small business, and other than things like paying minimum wage or not violating federal housing regulations, I cannot think of a single regulation put in place by either party in the last dozen years that has had any bearing on my ability to make money. There may be one, but if there is I am either unaware of it or have forgotten about it.
The overwhelming majority of laws and regulations already include waivers or non-compliance for small businesses. No doubt some/many/all regulations are going to ensnare bigger fish like @Jay Hinrichs . But I would like someone to provide an example of a regulation that is hurting your small business, so that we have something to go by here.
Let's say a taxi cab commission that's made up of taxi company owners. They will obviously skew the rules towards the major players at the taxi cab commission table. Check out Missouri/St. Louis in regards to this. Uber can't pick you up at the airport.
This isn't exactly a regulation but the business tax rate is the same for all businesses. But look at effective tax rates that publicly traded businesses pay compared to small business. (Think Warren Buffet saying he pays less taxes, %, than his secretary). They know how to game the system.
Also, look at inversion (the domicile changing to a place like Ireland for lower tax rates). Small businesses generally aren't practicing inversion.
Let me know what you think.
Post: The Implications of Dodd/Frank Repeal
- Investor
- Saint Charles, MO
- Posts 118
- Votes 91
It wouldn't matter if the banks weren't bailed out by the government. Don't give them money to fix their screw ups, let them pay, and you can bet they'd realize that predatory lending was a bad practice.
Post: tenant complaints about heat cost- can anything be done?
- Investor
- Saint Charles, MO
- Posts 118
- Votes 91
Use the infrared survey to also check for electrical problems. Too much heat = fire. Maybe there is a contractor savvy enough to do both at once.
Post: Rent my house or sell it?
- Investor
- Saint Charles, MO
- Posts 118
- Votes 91
You should get a real idea of what the rent would be. Your rent estimate of $1000-$1000 for a 3 bed 2 bath house that you think is worth $150,000 seems a little low.
You could refinance to 75-80% of appraised value, pull that cash out and keep the house as a rental. Or don't refinance, do a HELOC. Those are just ways to not have dead equity just sitting there. Could do a for sale by owner. Just a few options to explore.